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Checkmate Ripple


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37 minutes ago, Archbob said:

1) You don't need anything physical to move money these days. All cash is digital credits and debits. Just because you use XRP doesn't mean you are physically moving anything across borders, its all numbers in the computer. Less than 10% of all our money is actually represented by anything physical so they can't even do that most of the time.

2) The market maker is the trusted party.

with decentralized digital assets, trust is global, and the system is permissionless. two very important conditions for an entirely new class of autonomous applications that run on the internet, and are also accessible by the 1.7 billion adults that do not have access to a bank account.

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How does it alleviate the problem of counterparty risk without an asset? One of these blockchain messaging applications may win out, but they are categorically different than Ripple. It is the token t

The article is very low on actual information, so I went here :- https://www.jpmorgan.com/country/TH/en/detail/1320570135560 It's a messaging system, as I thought it had to be.  In othe

Largest Number of Banks to Join Live Application of Blockchain Technology https://www.businesswire.com/news/home/20190919005223/en/J.P.-Morgan-Interbank-Information-Network®-Grows-300 J.P. M

1) You don't need anything physical to move money these days. All cash is digital credits and debits. Just because you use XRP doesn't mean you are physically moving anything across borders, its all numbers in the computer. Less than 10% of all our money is actually represented by anything physical so they can't even do that most of the time. 2) The market maker is the trusted party.

 

By physical I mean an asset that is in no way an IOU, but native living on a decentralised ledger.

Actually it may look virtual but it is even more physical than cash [emoji57]

All money as we allways knew it factual is an IOU (yes, even cash). As traders just trade IOUs, they can in no way be a trusted party. Remember MtGox? With crypto-assets, native kept on a ledger, the “I” is the ledger itself as nothing else than that ledger/network owes you the value-asset

 

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Altogether the inefficient corridors and unbanked are probably a market larger than the playing field of the established banks. Whatever competition comes along, I think Ripple gave up some time ago trying to confront the biggest names in banking and finances heads on. These might join, however, eventually, if the Ripple concept proves right.

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Altogether the inefficient corridors and unbanked are probably a market larger than the playing field of the established banks. Whatever competition comes along, I think Ripple gave up some time ago trying to confront the biggest names in banking and finances heads on. These might join, however, eventually, if the Ripple concept proves right.

Indeed. And thats more than OK as it is the unbanked and weak economies where the need for connection to global finance is high and urgent. We saw the same with www where this brought much more comm improvement for developing countries than that it (relative) did for the West.
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It's good to see the banking world preparing their backbone to be easily connected to a native realtime bridging asset to connect all walled gardens that emerge troughout the world.

Makes it a lot easier and much more efficiënt to connect then all those individual legacy systems, so bravo JPM for paving the way!

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1 hour ago, kanaas said:

By physical I mean an asset that is in no way an IOU, but native living on a decentralised ledger.

Actually it may look virtual but it is even more physical than cash [emoji57]

All money as we allways knew it factual is an IOU (yes, even cash). As traders just trade IOUs, they can in no way be a trusted party. Remember MtGox? With crypto-assets, native kept on a ledger, the “I” is the ledger itself as nothing else than that ledger/network owes you the value-asset

 

If they can communicate with the messages extremely fast, you can settle within seconds like xCurrent and Swift GPI and JP Morgan's IIN. They don't really need to be IOUs. Yes, they are pre-funded accounts but the faster you get the communications through, the less you need in those pre-funded accounts.

Even with the XRP method, you need the Market Makers to hold large pools of XRP liquidity to make it work. System wise you are just switching holding Nostro/Vostro from holding large pools of XRP.

Really, I see bridge currencies being needed in the developing countries but I don't think they'll be needed in the major corridors. An USD/Euro corridor is really easy to set up right now because those two XRP markets are highly liquid and have many pairs, but they really aren't setting that up since I doubt it really saves them anything over the traditional methods.

Edited by Archbob
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2 hours ago, Archbob said:

1) You don't need anything physical to move money these days. All cash is digital credits and debits. Just because you use XRP doesn't mean you are physically moving anything across borders, its all numbers in the computer. Less than 10% of all our money is actually represented by anything physical so they can't even do that most of the time.

2) The market maker is the trusted party.

Huh? You're saying there's no need for Nostro/Vostro.  No need for xRapid to use two exchanges..."it's all ones and zeroes".  Well tell the banking system that - they haven't found that out yet.

Edited by 2ndtimearound
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3 hours ago, Freaky said:

Don't forget VISA B2B Connect. 

https://www.bloomberg.com/press-releases/2019-06-11/visa-b2b-connect-launches-globally

SAN FRANCISCO -- June 11, 2019 Visa Inc. (NYSE:V) today announced the commercial launch of the Visa B2B Connect network, giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally.^1 The Visa B2B Connect launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019.

 

How many times does it have to be said:

Settlement is the problem not messaging.  

Monkeys can message but only XRP can settle.

Game Over...

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11 minutes ago, Kerry said:

How many times does it have to be said:

Settlement is the problem not messaging.  

Monkeys can message but only XRP can settle.

Game Over...

So why isn't anyone using XRP to settle ?

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13 minutes ago, Freaky said:

So why isn't anyone using XRP to settle ?

I am expecting that when there is regulatory clarity in the U.S., which I don't think Will be too far away, it will be all systems go.

I may be wrong with the timing but I have absolutely no doubt that XRP will succeed big time and are more than happy putting my money where my mouth is.

Each to their own I suppose. 

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Its definitely good news as it should bring closer an acme of XRP being or not being the whole industry game changer. I have said it many times here that 2020, max 2021 might be/should be a decisive year for XRP use case verification. 

I personally would be OK to see a clear picture: either XRP fail or succeed within next two years or so.

I hope that the waiting game is due to regulation uncertainty and not due to lack of demand for XRP/doubts in its use case.  

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15 minutes ago, MrSensible said:

No clarity regarding legislation of crypto currencies?  

Big problem that on a worldwide scale.. Different countries different rules. Especially for a bridging asset meant to be traversing borders.

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1 hour ago, Freaky said:

Big problem that on a worldwide scale.. Different countries different rules. Especially for a bridging asset meant to be traversing borders.

https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=404235#Wbcast03222017

https://www.coindesk.com/crypto-is-an-intangible-asset-leading-accounting-standards-body-argues?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic

But once the committee sets a standard, it tends to be followed, as IFRS is used in about 144 jurisdictions and is required for public companies in Singapore, South Korea and almost all of Europe, though the U.S. has so far been only using the framework of the generally accepted accounting principles (GAAP).

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